BLP Expands West Coast Industrial Portfolio Into Northern California with Filbert Street Acquisition

 

37580 Filbert Street, a warehouse in Newark, CA.

NEWPORT BEACH, CA -- Bridge Logistics Properties (“BLP”), a subsidiary of Bridge Investment Group Holdings Inc. (NYSE: BRDG) (“Bridge”), is proud to announce its expansion into Northern California with the acquisition of 37580 Filbert Street, a warehouse in Newark, CA.

Paul Jones

 This 84,482-square-foot building marks BLP's first deal in Northern California which reflects the company's investment strategy of aggregating high quality logistics assets in Global Gateway markets across the United States.

The acquisition is particularly strategic given the infill location and the high barriers to entry in the City of Newark. 

The city's stringent requirements for new industrial development, coupled with a muted development pipeline, have created a persistent supply/demand imbalance in this submarket.

“The Bay Area is an important target market for BLP as we continue to grow our West Coast logistics portfolio," said Paul Jones, Managing Director of BLP.

Mark Geisreiter 

  "Despite current market volatility we believe in the Bay Area’s long term durability given its dense population, logistics infrastructure, and high barriers to new supply.”

 The property’s proximity to major transportation routes, including I-880 and the Dumbarton Bridge, offers unparalleled connectivity between the East Bay and Silicon Valley.

The warehouse is 100% leased to Vital Records Control (VRC), a leading offsite record storage company, for several more years. 

VRC has a long operating history in the facility and has made significant investment in the building, emphasizing the importance of this location for their operations.

Mike Spiro

Mark Geisreiter of Newmark, who, along with Mike Spiro and Seth McKinnon, facilitated the transaction, remarked, “We are excited to have been a part of this successful sale. 37580 Filbert Street is an exceptional property in a prime location within Newark's industrial market, and we believe it represents a significant investment opportunity.

"This sale underscores Newark's industrial real estate strength and demand for modern properties, and we look forward to seeing how BLP maximizes the potential of this asset."

“Our acquisition of the property was executed at a significant discount compared to replacement cost and recent comparable sales, highlighting the opportunistic basis of the investment,” said Michael Grossner, Vice President of West Region Investments at BLP. 

Michael Grossner

“Our basis in the building provides us the flexibility to enhance the building’s functionality to align with the depth of market demand, should the building ever become vacant."

CONTACT:

 Stacey Jones

for Bridge Logistics Properties

stacey@lavozmarketing.com

(213) 925-8177

 

BridgeBLP.com.